Partners' Capital

12 Months Ended

Dec. 31, 2014

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(7) Partners’ Capital –

For the years ended December 31, 2014 and 2013, the Partnership declared distributions of $587,005 and $791,290, respectively.  The Limited Partners received distributions of $570,405 and $771,996 and the General Partners received distributions of $16,600 and $19,294 for the years, respectively. The Limited Partners' distributions represented $37.07 and $49.69 per Limited Partnership Unit outstanding using 15,388 and 15,535 weighted average Units in 2014 and 2013, respectively. The distributions represented $10.70 and $42.73 per Unit of Net Income and $26.37 and $6.96 per Unit of return of capital in 2014 and 2013, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds of $50,505 and $222,222 in 2014 and 2013, respectively. The Limited Partners received distributions of $50,000 and $220,000 and the General Partners received distributions of $505 and $2,222 for the years, respectively. The Limited Partners’ distributions represented $3.23 and $14.18 per Unit for the years, respectively.

The Partnership may repurchase Units from Limited Partners who have tendered their Units to the Partnership. Such Units may be acquired at a discount. The Partnership will not be obligated to purchase in any year any number of Units that, when aggregated with all other transfers of Units that have occurred since the beginning of the same calendar year (excluding Permitted Transfers as defined in the Partnership Agreement), would exceed 5% of the total number of Units outstanding on January 1 of such year. In no event shall the Partnership be obligated to purchase Units if, in the sole discretion of the Managing General Partner, such purchase would impair the capital or operation of the Partnership.

On April 1, 2014, the Partnership repurchased a total of 20.0 Units for $13,536 from two Limited Partners in accordance with the Partnership Agreement. The Partnership acquired these Units using Net Cash Flow from operations. On October 1, 2014, the Partnership repurchased a total of 331.41 Units for $222,207 from 13 Limited Partners. The Partnership acquired these Units using net sale proceeds. During 2013, the Partnership repurchased a total of 125.53 Units for $85,961 from eight Limited Partners. The Partnership acquired these Units using Net Cash Flow from operations. The repurchases increase the remaining Limited Partners' ownership interest in the Partnership. As a result of these repurchases and pursuant to the Partnership Agreement, the General Partners received distributions of $2,663 and $2,659 in 2014 and 2013, respectively.